Brokerages Recommend 12 Stocks with High Upside Potential

“We model 14% organic EBITDA CAGR and 36% consolidated EBITDA CAGR during FY25-28E. The stock is at 22x P/E and 16x EV/EBITDA FY28E, a 30%-35% discount to other FMCG peers, and offering the best risk-reward profile in the sub-INR150b market-cap consumer universe. We value the India business at 27x EV/EBITDA FY28E and International at 15x EV/EBITDA FY28E to arrive at a target of Rs 575.”

“Groww has evolved into a full-stack investment platform spanning broking, commodities, MTF, credit, and wealth management, with 14.8 million active users across products by the end of 1HFY26. We expect Groww's broking revenue contribution to dip to 67% in FY28 from 85% in FY25. We initiate coverage on the stock with a 'buy' rating and a one-year target of Rs 185.”

“Unlike peers with significant B2C retail operations, Thyrocare runs a B2B-focused diagnostic business through the franchisee-and-partnership route, with limited centralized processing labs and a larger focus on standardized preventive/wellness test packages. We initiate coverage with a 'buy' rating, valuing the stock at Rs 640, bridging the valuation gap with peers.”

“It plans to nearly double its tower manufacturing capacity to 0.6 million TPA by FY29. It intends to increase its export revenue share to 50 per cent in 1HFY26 over the next 3-4 years. With an order book of Rs 8,800 crore as at 2QFY26 end and order inflow expanding at 22% CAGR, we estimate revenue/EBTIDA/PAT of 20%/24%/34% CAGR over FY25-28E.”

“It combines deep design ownership under the IDDM framework, a diversified and expanding order book and a favourable shift in revenue mix towards higher-margin optical systems, positioning it for accelerating growth with sustained margin expansion over the medium term. This will result in revenue/EBITDA/PAT growth of 35%/36%/38% over FY25-28E.”

“It aims to capitalize on the strong structural tailwinds within the hospitality space by expanding its portfolio by rebranding 473 rooms, and adding 1,500 rooms through expansion. Over FY25–30E, we foresee its revenue & EBITDA growing at 14% and 18% CAGR, while the EBITDA margin should improve by 600 bps to around 42%.”

“We believe it would aid higher net inflows going forward. Additionally, its equity-oriented AUM dominance is likely to aid its core earnings, coupled with the favourable outlook of equity markets and tailwinds in the sector. Given the increasing prominence of equity schemes over the past five years, we believe it is well positioned to benefit from favourable structural tailwinds.”

“It continues to create execution benchmarks like synchronisation of 4,620MW Mundra within 36 months and pre-ordering of critical power equipment. With key enablers in place and superior operating metrics, we expect operational capacity to reach 41.3GW by FY32 and EBITDA/MW to grow to Rs 1. crore/MW by FY32. We initiate coverage with a 'buy' rating with a target of Rs 178 apiece.”

“We reckon Oswal Pumps shall report revenue/EBITDA/PAT CAGR of 21%/13%/11% over FY26–28E, given high base (66%/86%/95% over FY24–26E) and budget a modest delay in PM-KUSUM 2.0 scheme on a conservative basis. We are initiating at 'buy' with a target price of Rs 720, based on 18x FY28E EPS.”

“Growth is underpinned by rising volumes, stable ASPs in the value-led range, and improving sales productivity, with average sales per sq.ft. expected to increase to Rs 8,657 by FY28E, supported by higher footfalls, private label penetration and efficient space utilisation. We initiate coverage with a 'buy' for a DCF-based price target of Rs 364.”

“We initiate coverage on Leela with a 'buy' rating and a target price of Rs 529, based on a valuation of 20x Mar-28E EV/EBITDA, broadly in line with EIH at 19x, reflecting Leela’s faster EBITDA CAGR of 18% versus 12% for EIH over FY25–FY28E, with ROCE expected to improve to early double digits by FY28E. However, we recognize that Leela’s ROCE is lower than peers.”

“We project 56% EPS CAGR over FY25-28E on the back of rising volumes even as we build a compression in Ebitda/Wp. Valuation is attractive with stock trading at 50% discount to peers. Initiate at Buy with target price Rs 320 valuing at 9x FY28E EV/Ebitda.”